Posts from ‘October, 2008’
THE WALL STREET JOURNAL
October 30, 2008, 8:00 am
Posted by Keith Johnson
Crude oil futures rose above $70 on the back of interest rate cuts in the U.S. and China as well as a weaker dollar, Bloomberg reports. Shell posted a 22% gain in third-quarter profit and said itsCFO will take the top job next year, both in the WSJ (sub reqd.). But tough economic conditions also forced Shell to delay expansion of its Canadian tar sands project, Bloomberg reports.
Peak oil will come sooner than expected and is a bigger threat to the U.K. than terrorism, an industry group concludes, in The Guardian. Big Oil is certainly having trouble tapping big new fields. Chevron has spent seven years and $3 billion on a Brazilian field that will supply three days worth of global oil consumption, the WSJ reports (sub reqd.). But thats about all Western majors can get these days: If youre only going after elephants, youll never hunt, says a top Chevron executive.
As gasoline prices fall, are American drivers returning to their old habits? Gasoline demand is still down from a year agobut not as much in recent weeks, reports the NYT. Volatile energy prices are a headache forsavvy companies burned by hedging, so what are poor consumers supposed to do this winter? in the WaPo.
Sen. Barack Obamas half-hour informercial reiterated that energy would be a top priority in his administration, in the WaPo. Make that energy independence, with a special emphasis on reducing demand, Grist notes.
The credit crunch and big losses could force T. Boone Pickens to delay construction of the worlds biggest wind farm, in Earth2Tech. Chinas GreenGen project is now the worlds biggest clean coal demonstration facility, notes Scientific American, but the project faces a looming coal shortage in China and concerns about cost.
Eastern Europe is jumping on the nuclear power bandwagon, both as a way to cut emissions and also to diversify energy supplies away from Russian natural gas, in the IHT. The U.K.s Royal Society is seriously looking at geo-engineering solutions to battle climate change, The Guardian reports.
Finally, check your cowsmethane emissions are on the rise suddenly, and scientists dont know why, in Reuters.
Royal Dutch Shell shares jumped 12pc after it revealed that chief financial officer Peter Voser will take over as the company’s chief executive next July.By Jamie Dunkley
Last Updated: 6:51PM GMT 29 Oct 2008Photo: GETTY
Mr Voser, 50, will succeed Jeroen van der Veer, who is to retire after almost five years at the company, which posted a second-quarter net profit of $11.6bn (£7.1bn) in July, boosted by record crude oil prices.
Shell chairman Jorma Ollila said he was “delighted” with the company’s choice, adding that he expected Mr Voser to build on the “strong position” established by 61-year-old Mr van der Veer.
Mr Van der Veer, who became chief executive in October 2004, stayed at Shell beyond the normal retirement age in the Netherlands to restore confidence in the company after a reserves scandal in January 2004. The company admitted that it had overstated its reserves, leading to lawsuits from investors and fines by regulators.
By Fred Pals and Eduard Gismatullin
Oct. 29 (Bloomberg) — Royal Dutch Shell Plc, Europe’s largest oil company, said Chief Financial Officer Peter Voser will take over as chief executive officer from July next year.
“I am delighted to announce Peter Voser as the next Chief Executive of Royal Dutch Shell,” Shell Chairman Jorma Ollila said today in a statement distributed by PR Newswire. Voser, 50, will succeed Jeroen van der Veer who is due to retire.
Van der Veer, 61, stayed on beyond the normal retirement age in the Netherlands after restoring investor confidence at The Hague-based company following a reserves scandal in 2004. Shell, which posted record earnings in the second quarter on surging oil prices, is struggling to revive output growth after production fell in each of the past five years.
7:15am UK, Tuesday October 28, 2008